Norges Bank’s Olsen warns of overburdening monetary policy

oeystein-olsen-norges

The governor of the Norges Bank, Øystein Olsen, in a speech on September 20 highlighted the risk of trying to achieve too many objectives using just the policy rate.

Speaking at the BI Norwegian School of Management, Olsen said: "There is – with one instrument available to us, the key policy rate – a limit to how many tasks can be assigned to monetary policy."

He said changing interest rates would not be sufficient to counter financial imbalances moving forward, and therefore macro-prudential

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